• Tue, 12 Nov 2019, 09:30 PM
  • All times are UTC
  • Edition:
Copy link
Increase text size
Decrease text size
Link copied

Hyperledger Fabric-powered identity solution launches in Brazilian banking sector

Thu, 13 Jun 2019, 07:14 am UTC

Brazil’s Camara Interbancaira de Pagamentos (or Interbank Payment Clearing House, CIP) has launched a blockchain-based identity platform in collaboration with IBM, Cointelegraph reported.

Called “Device ID,” the solution has been developed using Hyperledger Fabric. It will reportedly see participation from nine local banks and will be integrated into the Brazilian Payment System (SPB).

Speaking at CIAB Febraban on June 11, Bradesco VP Mauricio Minas had confirmed that local banking institutions were going to introduce a blockchain-based platform.

The objective is to protect against financial crime and unauthorized use of the financial system. The solution will allow authenticating and verifying digital signatures using mobile devices.

“Brazilian banks have been studying blockchain technology applications for a long time, but they weren't all together. So we decided to create a group and unify all actions, which is very important to achieve standardization to all banks,” Joaquim Kiyoshi Kavakama, director of Febraban, Brazil’s national banking association, said. “We are now in the forefront when it comes to blockchain.”

Kavakama said the solution will allow sharing of information between the partner institutions, Convengencia Digital reported. In an interview with CDTV, he said that the initiative has received investments of R$3 million from CIP.

The governance of the network will be jointly managed by CIP and Febraban and other banking associations, and there will be a steering committee to manage operational and tactical issues.

Earlier this month, Rodrigo Maia, the President of the Chamber of Deputies of Brazil, ordered to set up a special commission to deliver an opinion on a bill that aims to regulate cryptocurrencies in the country.

Meanwhile, blockchain startup Ripple recently launched its operations in Brazil in a bid to expand its footprint in South America.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $8,816.66 (+0.53%)
  • Ethereum (ETH) $186.70 (+0.13%)
  • XRP (XRP) $0.273100 (-1.09%)
  • Bitcoin Cash (BCH) $289.46 (+0.10%)
  • Litecoin (LTC) $61.81 (-1.21%)
  • Bitcoin (BTC) $8,816.66 (+0.53%)
Nov 12, 2019 (Tuesday)
UPS and HerdX track and monitor beef shipment from U.S. to Japan using blockchain technology
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
China's forex regulator SAFE expands blockchain cross-border financing pilot to 19 provinces
eToroX adds support for Dash, USDC, USDT and GOLDX/BTC, announces 5 new stablecoins
Crypto Technicals: XLM/USD downside limited, holds support at 5-DMA
Crypto Technicals: NEO/USD consolidates around 200-DMA, bias bullish
CoinMarketCap releases Liquidity metric geared towards filtering out market manipulation
Bittrex to release funds of frozen accounts following OFAC’s go-ahead but requirements need to be met first
Film and tech executives to launch blockchain working group at American Film Market
Crypto Technicals: XRP/USD holds cloud support, intraday bias bearish
Crypto Technicals: ETH/USD holds 21-EMA support, intraday bias neutral
Banque de France seeks crypto analyst, development engineer for various financial applications
Bithumb Global announces native token for its blockchain platform ‘Bithumb Chain’
Crypto Technicals: BTC/USD holds support at 4H 200 SMA (8666), break below to see more weakness
BIS appoints Benoit Coeure as the head of new Innovation Hub; Group to foster fintech cooperation between central banks
Bakkt opens bitcoin custody service to all institutions
Free 7-week crypto lectures to be launched by venture capital firm Andreessen Horowitz
Alibaba partners with Lolli to reward shoppers with bitcoin
Chinese-state run publication releases positive report about Bitcoin
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.